Jordan Rohan publishes this report: Download marchex.pdf which questions the amount of keyword to keyword arbitrage going on at Marchex.
It's no secret that Marchex has one of the best pure-play domain name portfolios in the business and I have previously suggested that the "break-up value" of that portfolio would be many hundreds of millions if they were to peel the names off their deck individually and set conservative "buy it now" sales prices on them.
That said, many folks are apparently under the impression that Marchex's revenue comes solely from those terrific domain names. Jordan's report is the first time I have heard a financial analyst intimate that a significant tranche of MCHX revenue might be coming from buying and selling third-party traffic via arbitrage.
A very interesting read, this report is packed with data. It doesn't change the burn-down value of Marchex's name portfolio which is there, and solid IMO.